adminraise funds to implement its current business plans.
The company, whose mines are exclusively based in Zimbabwe, is targeting to produce 40 000 ounces of gold this year.
It is targeting to increase production further to between 50 000 to 60 000 ounces next year, and 100 000 ounce by the end of 2014.
“Subject to successful acceptance by the Government of Zimbabwe and implementation of New Dawn’s Plan (as may be modified by mutual agreement), the company believes it would then have the additional working capital resources necessary to support its efforts to increase gold production to 100 000 ounces of gold on an annualised basis by the end of 2014,” said the company in a recent update.
This means the company’s indigenisation plans, which include a proposed listing on the Zimbabwe Stock Exchange, may largely be based on equity disposal rather than credits.
New Dawn wholly owns the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Project.
It also has an 85 percent equity interest in the Dalny, Golden Quarry and Venice mines, and a large portfolio of prospective exploration acreage in the country.
Four of these mines are presently operational, and the company is in the process of expanding production at these sites.
The miner’s plans could, however, be derailed following the Ministry of Youth, Indigenisation and Economic Empowerment earlier dismissal of the company’s submissions noting anomalies in the registration of its acquisitions of mines that were under the Central African Gold stable.
New Dawn has, however, denied the allegations.
leeroy
Online Reporter